Schedule Kjra - Kentucky Tax Credit Computation Schedule

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SCHEDULE KJRA
*1500030293*
Taxable Year Ending
__ __ / __ __
41A720-S45 (10-15)
Mo.
Yr.
Commonwealth of Kentucky
DEPARTMENT OF REVENUE
T
C
C
S
AX
REDIT
OMPUTATION
CHEDULE
➤  See instructions.
(F
KJRA PROJECT
C
)
OR A
OF A
ORPORATION
➤  Attach to Form 720.
KRS 154.25-010 to 050
Name of Corporation
Federal Identification Number
Kentucky Corporation/LLET
Account Number
__ __ — __ __ __ __ __ __ __
__ __ __ __ __ __
Location of Project
Activation Date of KJRA
Economic Development
Incentive Agreement
Project Number
/
/
City
County
Mo.
Day
Yr.
PART I—Computation of LLET Excluding KJRA Project
1. LLET from Form 720, Part I, line 1 .......................................................................................................
1
00
2. LLET on KJRA project (see instructions) ............................................................................................
2
00
3. LLET excluding LLET on KJRA project (line 1 less line 2) .................................................................
3
00
PART II—Computation of Taxable Net Income Excluding Net Income from KJRA Project and KJRA Tax Credit
Section A–Computation of Corporation Tax
1. Enter income tax from Form 720, Part II, line 1 ..................................................................................
1
00
2. LLET of corporation (Part I, line 1) .......................................................................................................
2
00
3. LLET credit allowed (line 2 less $175, but not more than line 1) ......................................................
3
00
4. Total corporation tax (lines 1 and 2 less line 3) ..................................................................................
4
00
Section B–Computation of Tax Excluding KJRA Project
1. Enter taxable net income from Form 720, Part III, line 25 .................................................................
1
00
2. Enter net income from KJRA project; if loss, enter -0- ......................................................................
2
00
3. Taxable net income excluding net income from KJRA project (line 1 less line 2). If line 2 is
greater than line 1, enter -0- ................................................................................................................
3
00
4. Corporation income tax on amount from line 3:
Taxable Net Income
Rate
Tax
(a) First $50,000 .......................
X 4%
00
(b) Next $50,000 .......................
X 5%
00
(c) All income over $100,000 ...
X 6%
00
(d) Total income tax liability excluding KJRA project (add lines 4(a) through 4(c)) ....................... 4(d)
00
5. LLET excluding LLET on KJRA project (Part I, line 3) ........................................................................
5
00
6. Enter LLET from line 5 less $175, but not more than line 4(d) .........................................................
6
00
7. Total tax excluding KJRA project (lines 4(d) and 5 less line 6) .........................................................
7
00
8. Total tax attributable to KJRA project (Section A, line 4 less Section B, line 7)
Continue to Part III and enter this amount on Part III, line 1 .............................................................
8
00
PART III—Limitation
1. Enter tax liability attributable to KJRA project from Part II, Section B, line 8 ..................................
1
00
2. Enter limitation from Schedule KJRA-T, Column F ............................................................................
2
00
3. Allowable KJRA tax credit (lesser of line 1 or line 2) ........................................................................
3
00
Enter allowable credit on Schedule TCS, Part I, Column E and Column F
➤ Economic development project means a project authorized under the Kentucky Rural Economic Development Act (KREDA),
Metropolitan College Consortium Tax Credit (MCC), Kentucky Small Business Investment Credit Program (KSBIC), Kentucky
Industrial Development Act (KIDA), Kentucky Economic Opportunity Zone Act (KEOZ), Kentucky Jobs Retention Agreement
(KJRA), Kentucky Industrial Revitalization Act (KIRA), Kentucky Jobs Development Act (KJDA), Kentucky Business Investment
Program (KBI), Kentucky Reinvestment Act (KRA), Skills Training Investment Credit Act (STICA) and Incentives for Energy
Independence Act (IEIA).

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